Ares Management vs Carlyle Group
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KIRAβs take AI analyst
I put Ares Management and Carlyle Group side by side, using each oneβs latest annual report. Here is what stands out:
- Carlyle Group is the larger business, with $4.8B of revenue in fiscal 2025 against $4.8B for Ares Management.
- Ares Management grew revenue faster (28.9%, against β11.9%).
Who comes out ahead
Of the 4 measures where higher (or lower) is clearly better, how many each company leads.
Ares Management
ARES
3/4
Revenue growth5-year growthReturn on equity
Carlyle Group
CG
1/4
Net margin
Side by side
Best in the row
| Latest fiscal year | ARES FY25 | CG FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $14.2B |
| Revenue | $4.8B | $4.8B |
| Free cash flow | β | β$3.4B |
| Net income | $527M | $809M |
| Growth | ||
| Revenue growth | 28.9% | β11.9% |
| 5-year growth | 22.1% | 10.3% |
| Share count change | β | 0.8% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 11.1% | 16.9% |
| FCF margin | β | β70.6% |
| Return on capital | β | 13.7% |
| Return on equity | 13.5% | 12.1% |
| Balance sheet | ||
| Net debt | β | $1.0B |
| Net debt / EBITDA | β | 0.7x |
| Dividends and buybacks | $0.0M | $1.2B |
| Valuation & quality | ||
| P/E | β | 40.4x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
ARES $965M
CG $2.3B
FY17
ARES $1.1B
CG $3.7B
FY18
ARES $1.2B
CG $2.4B
FY19
ARES $1.4B
CG $3.4B
FY20
ARES $1.8B
CG $2.9B
FY21
ARES $2.3B
CG $8.8B
FY22
ARES $2.9B
CG $4.4B
FY23
ARES $3.2B
CG $3.0B
FY24
ARES $3.7B
CG $5.4B
FY25
ARES $4.8B
CG $4.8B
ARES
CG
Operating margin
FY16
ARES β
CG β
FY17
ARES β
CG β
FY18
ARES β
CG β
FY19
ARES β
CG β
FY20
ARES β
CG β
FY21
ARES β
CG β
FY22
ARES β
CG β
FY23
ARES β
CG β
FY24
ARES β
CG β
FY25
ARES β
CG β
ARES
CG
Free cash flow
FY16
ARES β$638M
CG β$326M
FY17
ARES β$1.9B
CG β$41.1M
FY18
ARES β$1.4B
CG β$375M
FY19
ARES β$2.1B
CG $331M
FY20
ARES β
CG β$230M
FY21
ARES β
CG $1.7B
FY22
ARES β
CG β$420M
FY23
ARES β
CG $138M
FY24
ARES β
CG β$837M
FY25
ARES β
CG β$3.4B
ARES
CG
Return on capital
FY16
ARES β
CG β
FY17
ARES β
CG β
FY18
ARES β
CG β
FY19
ARES β
CG β
FY20
ARES β
CG 11.0%
FY21
ARES β
CG 67.9%
FY22
ARES β
CG 21.1%
FY23
ARES β
CG β5.3%
FY24
ARES β
CG 17.1%
FY25
ARES β
CG 13.7%
ARES
CG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.